Required: a) Calculate tax due per month b) How much cash will the chairman receive in his hand c) Accounting entry needed to record the employee salary
Q: .MC.03.035 right Services pays wages of a part-time employee. The transaction would involve a a.…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The company has the following data: Fixed product cost is 10,000; Total Variable cost is 50,000;…
A: Total cost is the amount of cost incurred on the manufacture and selling of the goods. It includes…
Q: On March 6, Ayayai Company returned $80,500 of the merchandise purchased on March 2. The cost of the…
A: There are two types of discount given by seller one is trade discount other one is cash discount.…
Q: Zeke Company sells 25,300 units at $16 per unit. Variable costs are $10 per unit, and fixed costs…
A: Contribution margin: The difference between the sales and the variable costs is called contribution…
Q: n your initial post, summarize the key concepts and benefits of economic order quantity (EOQ).…
A: Economic Order Quantity (EOQ) is a mathematical model used to calculate the optimal quantity of…
Q: Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct…
A: Direct material cost variance :— It is the difference between actual direct material cost and…
Q: Blossom Company reported net income of $92700 for the year 2022. During 2022, accounts receivable…
A: Cash Flow from Operating Activities: It is one of activity in the Cash Flow Statement. This activity…
Q: Amanda purchased a home for $860,000 in 2016. She paid $172,000 cash and borrowed the remaining…
A: Home mortgage refers to the amount raised to purchase a loan against some specified rate of interest…
Q: The following information relates to Molly Mae Co. for the year 2020. Owner's Capital, January 1,…
A: INCOMESTATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…
Q: In December 2022, J-Matt, Inc. collected rent in advance from tenants who will begin occupying the…
A: An accounting system's journal entry is a record of a financial transaction that a company has made.…
Q: llene rents her second home. During the year, llene reported a net loss of $10,700 from the rental.…
A: A deduction is an expense that can be subtracted from a taxpayer's gross income in order to reduce…
Q: If an employer does not deduct taxes and contribution from an employee. The employee has the…
A: In the context of employment, deductions typically refer to amounts that an employer withholds from…
Q: Current assets: Cash Assets Accounts receivable Merchandise inventory Prepaid expenses Total current…
A: Balance Sheet is the financial statement that records all the assets, liabilities and stockholders'…
Q: The following data are for the Portet Corporation, which sells just one product: Units Unit Cost…
A: Periodic Inventory System is an inventory method where the inventory is counted on periodic basis…
Q: Trans Atlantic Metals has two operating divisions. Its forging operation in Finland forges raw…
A: Tax liability refers to an amount that is to be paid by an individual or corporation after deducting…
Q: How do you determine relevant costs associated with special sales offer
A: Relevant costs are costs that are directly related to a specific decision and will be affected by…
Q: SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.]…
A: Manufacturing costs includes cost of direct material, direct labor and manufacturing overhead both…
Q: earnings have averaged approximately $171,200 and believes that such an amount should be capitalized…
A: Excess earnings=$171200 Appropriate discount rate=r=12% Period=n=7 years.
Q: Reconciliation of Broadway's cash to be received to its net profit: The cash amount to be received…
A: The reconciliation of the cash balance is sometimes made by the company in order to get the actual…
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Retained earnings are the accumulated profits of a company. It increases with increase in income and…
Q: OPERATING ACTIVITIES Net income (loss) Adjustments to reconcile to net cash provided by operating…
A: Cash Flow Statement - A cash Flow Statement is a financial statement that includes cash receipts and…
Q: Flexible Budgeting and Variance Analysis
A: Under the variance analysis, we compare the standard budget with actual results. It helps us to know…
Q: Exercise 11-10 (Algo) Make or Buy Decision [LO11-3] Futura Company purchases the 68,000 starters…
A: The fixed costs that are incurred in the factory before the production of the required product is…
Q: The capital accounts of Susan Yu and Ben Hardy have balances of $100,000 and $90,000 respectively.…
A: "Admission of new partners" refers to the process of bringing in new individuals or entities to a…
Q: Sturgis Manufacturing produces one model of precision tool and accounts for costs using a job cost…
A: The direct cost include direct materials and direct labor cost. The manufacturing overhead is…
Q: on shows sales of $451,000; variables THONG
A: Answer : 1) Flexible budget performance report : Particular Flexible Budget Actual results…
Q: Mitchell Corporation prepared the following reconciliation for 2021, its first year of operations:…
A: Answer:- Income tax expense:- A liability owned by either a company or an individual, income tax…
Q: Required information [The following information applies to the questions displayed below.] Carl…
A: Depreciation is a tax deduction that allows taxpayers to recover the cost of certain assets over…
Q: 29. Tina disposed of a painting on 1 July 2022 for $600,000 which she had bought February 2018 for…
A: The capital gains and capital loss are the loss or gain on the property and assets held for a…
Q: Tigers Co likes to award its manager with bonuses based on the company's performance. The following…
A: Companies pay bonuses to their employees at the end of a year. The bonuses are paid on the basis of…
Q: Janus Corporation purchased major pieces of manufacturing equipment on January 1, 2020 for a total…
A: Given information Tax rate = 25% Net income= Pretax accounting income - Income tax expense At…
Q: Shierling Ltd. reported pre-tax accounting income of $750,000 for calendar 2023. To calculate the…
A: In this scenario, we are given information about Shierling Ltd.'s pre-tax accounting income for…
Q: Douglas-Robert, Inc. has a noncontributory, defined benefit pension plan. At December 31, 2022,…
A: Pension expense refers to the cost that a company incurs in providing retirement benefits to its…
Q: Direct materials used and Direct labor cost are incorrect
A: Direct consists of Direct labor, Direct Material. While applied manufacturing overhead is an…
Q: The following information is related to the defined benefit pension plan of Stanley-Morgan…
A: Pension expense is the amount of money a company recognizes on its income statement for its…
Q: Jacob, Inc. had the following balances and transactions during 2025: Beginning Merchandise Inventory…
A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: E13.17 (LO 4) (Ratio Computations and Discussion) Sprague Company has been operating for several…
A: a. Calculate current ratio: Current ratio = current assets / current liabilities Current ratio =…
Q: On January 1, 2022, Woody Corporation’s projected benefit obligation was $36 million. During 2022,…
A: Projected benefit obligation is the amount of estimated present value of the benefit payments to be…
Q: It is known that inventory at a cost of Rp. 5,300,000 has been shipped on consignment on July 31,…
A: Goods on Consignment are those goods which are given to the retailer who is called as Consignee and…
Q: rosewood company made a loan of $12,600 to one of the company's employees on april 1, year 1. the…
A: The interest revenue is the revenue earned during the period. The accrued interest revenue is the…
Q: Cahal-Mitchell Company received the following reports for its defined benefit pension plan for 2022:…
A: A defined benefit pension plan is a retirement savings plan in which an employer promises to pay a…
Q: The LaGrange Corporation had the following budgeted sales for the first half of the current year:…
A: Total credit sales = Accounts receivable/Uncollected percentage of sales Total cash collected = Cash…
Q: How do you answer this question? Roxy the candle maker Roxy makes and…
A: The quantity of money that comes into and goes out of a company or a person over a specific time…
Q: Thor Corporation is a small private corporation that sells desktop printers to local businesses and…
A: Adjusting Entries - Adjusting Entries are the adjustment made through adjusting entries at the end…
Q: Problem 8-5 Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO…
A: Straight-line Method It is a method of calculating depreciation. In this method the fixed asset is…
Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…
A: Variance analysis is the tool used to check the deviation of actual results from the standards. It…
Q: After the tangible assets have been adjusted to the current market prices, the capital accounts of…
A: The bonus of $10,000 given to new partner is to be allocated to Cecil Jacobs and Maria Esteban…
Q: Blue Spruce Corporation is a public company that manufactures farm implements, such as tractors,…
A: When the assets current market value is different from the book value of the assets, the assets are…
Q: Shadee Corporation expects to sell 590 sun shades in May and 340 in June. Each shade sells for $149.…
A: All direct costs make up the cost of products sold. Indirect costs like administrative and selling…
Q: December sales were budgeted at 3,140 and 3,430 units, respectively. costs are 13 percent of sales…
A: Answer : Budgeted selling and administrative expenses : November December Commission $17,270…
Step by step
Solved in 5 steps
- If an employee X has CNA =₱18,291.09, 13th month pay = ₱27,891.00, other benefits = ₱10,000, and ₱3,000 of the other benefits is the clothing allowance. How much of his benefits is taxable? How much is Non- Taxable?Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,000 monthly for the rice subsidy, P 2,000 overtime pay, and P 500 for laundry allowance. Solve for the following : A.Suppose Mr. Bean is working in the GOVERNMENT SECTOR : GSIS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY A.Suppose Mr. Bean is working in the PRIVATE SECTOR: SSS Contribution Philhealth Contribution PAG-IBIG Contribution Income Tax NET PAY1.2 REQUIRED Calculate the net salary of H. Gordon for December. INFORMATION H. Gordon's basic annual salary is R240 000. He receives an annual bonus of 80% of his basic monthly salary, payable in December each year. His pension deduction is 8% of the basic salary and income tax is levied at 20% on his taxable income.
- Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000D. benefit ENT OF EDUG ABM BM11SW-lld-2 5. Ms. Ana, a private employee, gets a monthly salary of P25,000.00, rice subsidy of P2,000.00, and a clothing allowance of P1,000.00 per month. How much will be her monthly gross income?1. Jonas Brown is employed as a mechanic in Country A. His emoluments is $40,000 per week . He receives a tax-free travelling allowance of $5,000 per week. Calculate his annual deductions assuming the following:a. The annual income tax threshold is $1,000,000 per year. b. Housing Contribution Rate 3% for the employer 2% for the employee. c. John contributes 10% per month to an approved pension scheme and his employer provides a matching contribution.d. National Insurance is 3% for the employer and 3% for the employee.e. The income tax rate is 25%. f. Number of weeks is 52
- Problem Solving. 1. Ms. Beta earned an annual compensation income of P1,140,000, net of statutory payments. Tax exempt 13th month pay and other bonuses – P95,000. How much is the taxable compensation income? 2. Assuming that Ms. Beta's employer already withheld half of her income tax due, how much is the remaining income tax due and payable? 3. How much is Ms. Beta's income tax due?1. Payroll. Lorna Chavez is a line manager of Sunday Machine Works and is receiving a monthly salary of P30,000. She is the head of the family with two dependents. She got a cash advance of P1,500 on March 20 to be deducted from her take home pay on March 31. a) How much is her monthly net taxable income? b) How much is her take home pay as at March 15? March 31? Use the SS contribution rate of 4%, 2.75% for Philhealth, 2% of P5,000 for Pag-ibig. Gross Pay Less SS Semi monthly taxable income Less Withholding tax PH SS for half month Philhealth for half month Pag-ibig for half month Net earnings (take home pay) PxXx (xx) (xx) (xx) Pxx / 2 Pxx Use the Semi-monthly Withholding Tax Table Column 2. Pag-ibig Net Monthly Taxable Income Semi-monthly Taxable Income Pxx (xx) (xx) (xx) (xx) PrxProblem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employee
- Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar year. Compensation Income: Gross compensation incom per month -50000 Total SSS premium contribution-2400 Total PhilHealth premium contribution-3000 Total PAG-IBIG premium contributions-1200 Union dues-2000 Other benefits received by employees Annual rice subsidy-18000 Annual clothing allowance-14000 Temporary housing for 3 months-15000 Christmas gift-5000 Chrsitmas bonus-20000 Other income Rent income per month from leasing residential space-50000 Operating expense per month with receipt-25000 REQUIRED: 1. compute for the taxable compensation income during the year assuming that Mr.ABC is a rank-and -file employee 2.Compute the table compensation income subject to regular income tax during the year assuming that Mr.ABC is a managerial employee 3.Compute the taxable income subject to regular tax during the year assuming that Mr.ABC is an rank-and-file employee 4.Compute the total…11.The CAN (Collective Negotiation Agreement) is considered as a benefit for public employees computed in one year. Given the formula below: CAN + 13th Month Pay + other benefits > Php 30,000 are taxable. Suppose a certain government employee earns a CAN = Php 12,764.12, 13th Month Pay = Php 24,291.78, and he has no other benefits. How much of his additional earnings will be taxed?Use Figure 12.15 as a reference to answer the following questions. A. If an employee makes $1,400 per month and files as single with no withholding allowances, what would be his monthly income tax withholding? B. What would it be if an employee makes $2,500 per month and files as single with two withholding allowances?